Property Overview & Key Characteristics
This one-storey home at 243 Inglewood Street in Winnipeg's King Edward neighbourhood presents a practical and value-oriented opportunity. Its primary appeal lies in a combination of a generous, above-average lot and a recently renovated basement, offering potential for expansion or rental income. With 845 sqft of living space and an assessed value that is very typical for its immediate area, it represents a straightforward entry point into the market.
The standout feature is the land: at over 5,000 sqft, the lot size is in the top 2% for Inglewood Street, providing significant outdoor space and future potential that is rare for homes in this price bracket. The detached garage adds practical storage or workshop space. This property would suit first-time buyers seeking a manageable, single-level home with room to grow, or an investor looking for a character home with a renovated basement suite (subject to verification) and a lot that holds long-term value. It’s a home for those who prioritize land size and location over a large existing footprint.
Frequently Asked Questions
1. How does this home’s value compare to others nearby?
The assessed value is squarely average for both Inglewood Street and the broader King Edward neighbourhood, suggesting it is priced in line with local expectations and not overvalued relative to immediate comparables.
2. What are the implications of the large lot size?
The 5,045 sqft lot is a significant asset. It offers ample yard space and, importantly, provides a future opportunity that many nearby properties lack: the potential to expand the home, add a detached structure, or simply enjoy more privacy, all within the city.
3. The home was built in 1946. What should I consider?
While the basement has been renovated, the main structure is 80 years old. A thorough inspection is essential to understand the condition of core components like the roof, wiring, plumbing, and foundation, which may need updating or maintenance.
4. The last recorded sale was in 2016. Why does that matter?
The sale price from nearly a decade ago is not a reliable indicator of current market value. It does, however, suggest a period of stable ownership, which can be a positive sign. The current value is better reflected in the recent assessed value and prices of comparable nearby sales.
5. How does this home fit within the wider Winnipeg market?
Citywide data shows this home’s living area and assessed value are below the Winnipeg average, highlighting its position as an affordable option. This underscores its role as a practical choice for buyers focused on a specific, established neighbourhood rather than maximum square footage for the price.